Updating from Werribee Victoria. Please excuse the wind.
This fortnight I have been on the ground in Perth, Melbourne and Sydney seeing clients and checking out supply. Perth was interesting as it is still in a property slump and bargains are around however, I am not suggesting anyone buy investment property there any time soon.
Talking to a few experts and looking at the economy, I would think we are still 18 months or so out from a possible lift in demand and property prices so there is plenty of time to focus on the East and come back for a look later. The big problem in Perth is demand. IF you buy a bargain now, there is a high risk you will struggle to get or keep a tenant and you are then in a cash flow bind – just wait!
This Best Bits is reported from Melbourne where dwellings grew by around 4% for the last Qtr. While Sydney is leveling out, Melbourne still has plenty of steam left in this growth phase with the market where growth in the outer ring is now starting to match where the inner city ring was about 2 years ago, so still a fair time to buy. I have my favourite areas and it’s a matter of working out what the best VALUE is matched with reasons for likely growth in the medium to long term. Remember, it’s not about where you prefer to LIVE but what is going to be the type of property that will give you the safest return and best growth over the long term.
This video was filmed on site at Werribee on the western corridor which is still well priced and has massive infrastructure spending along with Wyndham Vale and Tarneit all about 30klms from the city.
Sydney has leveled out and Brisbane just tuning up the orchestra ready to perform.Check out the core logic report attached here. https://propertyupdate.com.au/national-housing-market-update-video-august-2017/ It gives some potentially contradictory information but when you analyse and break out the over supplied unit area it makes more sense and you see that houses are performing really well.
A strong economy always precedes property price growth and Brisbane is now getting its act together and starting to humm… perfect buying time.
As always, send us your questions and we will reply as soon as we can.